Russia has redirected oil supplies to the markets of the South and East – Kommersant

President Vladimir Putin, in his speech at the plenary session of the Russian Energy Week, said that Russia has reoriented oil supplies to new markets by increasing the tanker fleet and creating insurance and reinsurance mechanisms. According to him, the government has prepared a plan for the development of export infrastructure, according to which the supply of Russian oil to the countries of the Asia-Pacific region, Africa and Latin America will be increased.

“Thanks to the actions of companies and authorities, the tanker fleet has been increased, new payment mechanisms, insurance and reinsurance of our cargo have been created. As a result, in a short time it was possible to switch oil supplies to the fast-growing and promising markets of the world – the South and the East,” said Vladimir Putin. The event will be broadcast by the Rossiya 24 TV channel.

The president noted that sanctions against Russian oil have “caused chaos” in the global energy market and affected the entire global economy.

In December 2022, the European Union and the G7 countries introduced a price cap on Russian oil at $60 per barrel, after which Russian oil supplies to India and China began to grow. From February 5, 2023, products with a premium and discount to oil, according to the established ceiling, should not be traded above $100 and $45 per barrel, respectively. The 11th round of EU sanctions, introduced in June of the same year, bans access to ports for ships suspected of not complying with price ceilings. In July, Vladimir Putin said that over the past two years Russia has increased exports of oil, fuel and LNG to African countries by 2.6 times. In September Russia resumed supplies to Brazil, sending 84.4 thousand tons of oil worth $48 million.

Read more in the Kommersant article. “Russian oil went to Africa”.

Polina Motyzlevskaya